DDM Analysis: 002841.SZ

Valuation Snapshot

Stable Growth	$93.94 - $260.20	$243.84
Multi-Stage	$36.85 - $40.31	$38.55
Blended Fair Value	$141.19
Current Price	$39.80
Upside	254.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.69%	28.92%	0.93	1.12	0.91	0.98	0.73	0.51	0.35	0.24	0.44	0.10
YoY Growth	-	-	-17.16%	23.37%	-7.46%	34.27%	43.15%	45.09%	44.30%	-44.96%	354.24%	33.27%
Dividend Yield	-	-	2.44%	3.11%	1.22%	1.53%	0.56%	0.66%	0.44%	0.46%	0.74%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	907.57
(-) Cash Dividends Paid (M)	486.92
(=) Cash Retained (M)	420.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	181.51	113.45	68.07
Cash Retained (M)	420.65	420.65	420.65
(-) Cash Required (M)	-181.51	-113.45	-68.07
(=) Excess Retained (M)	239.14	307.20	352.58
(/) Shares Outstanding (M)	693.69	693.69	693.69
(=) Excess Retained per Share	0.34	0.44	0.51
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.34	0.44	0.51
(=) Adjusted Dividend	1.05	1.14	1.21
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93.94	$243.84	$260.20
Upside / Downside	136.03%	512.67%	553.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	907.57	966.57	1,029.39	1,096.30	1,167.56	1,243.46	1,280.76
Payout Ratio	53.65%	60.92%	68.19%	75.46%	82.73%	90.00%	92.50%
Projected Dividends (M)	486.92	588.84	701.95	827.28	965.93	1,119.11	1,184.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	546.81	551.99	557.18
Year 2 PV (M)	605.32	616.85	628.49
Year 3 PV (M)	662.47	681.49	700.86
Year 4 PV (M)	718.29	745.91	774.32
Year 5 PV (M)	772.79	810.12	848.88
PV of Terminal Value (M)	22,258.14	23,333.22	24,449.44
Equity Value (M)	25,563.82	26,739.57	27,959.16
Shares Outstanding (M)	693.69	693.69	693.69
Fair Value	$36.85	$38.55	$40.31
Upside / Downside	-7.41%	-3.15%	1.27%

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Guangzhou Shiyuan Electronic Technology Company Limited (002841.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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